If you finance that with an 80% loan at 4.5% for 30 years and manage it yourself, I get that it produces a 12.3% cash on cash return. 

Around here (from my understanding) it’s standard operating procedure to clean up the contract.

We can do basic handy man skills.Hi Jessica,Personally I think this is an attractive looking house from the outside.If I were looking to buy it, I'd have a property inspector go out and look the place over and produce a written report.Paying particular attention to the roof, brickwork, electrical (including service drop amperage in place and available) and plumbing, as well as possible basement flooding reasons (probably why the basement wallboard is missing).If he recommended having additional inspections done by, for instance, a licensed Electrician, or a Roof inspector, I would have those done too.A written report should pick up (most problems--but not all) and allow an estimate of repairs to be made.With a house of this age I'd also have a sewer cam inspection done to see how that system is.The information in the reports, would be part of my go/no go decision on the purchase.You mentioned A/C.  

The value of a depreciating asset producing no revenue and unknown future production of revenue and profit is low.

A good skip trace will produce quality numbers, emails, mailing addresses and other background information to determine if you should reach out to relatives.From there you can text, call, mail, email, and/or social ads to get in front of these prospects.Here's a good episode on someone who sources 75 off market deals by the age of 20 - https://www.biggerpockets.com/...

Even if your underwriting is accurate that the deal should and does produce 8% cash on cash, HUD rules on how the sponsor has to calculate "surplus cash" that can be distributed may not allow the sponsor to distribute that cash and therefore your returns will be lower, albeit usually only in the short term.

Sounds like your going to need to do your own appraisal and bring the data to the bank and see what it's going to take for them to loan you money. 30k on a 45k+ is more likely to produce interest.

As well as procedures for delinquency etc.

You will want to get on the same page as far as policies and procedures. 

Unless you think the property is in a good potential growth area, I would probably consider leveraging into a property that produces a higher ROI.Best,Andrew